ExxonMobil (XOM)

[winston]

not vested

Premium assets drive resilient performance in 4Q

4Q25/ FY25 earnings in line; lower crude prices and weak chemical margins offset by high margin volume growth and significant structural cost savings

Upstream earnings supported by record production from Permian and Guyana assets, with total 2025 average oil & gas production at 4.7mmboepd

Management guides for expanded 2030 growth plan for earnings and cash flow, despite no increase in capital spending, and a continued focus on shareholder returns through substantial buybacks and dividends.

We have a BUY recommendation on XOM with a TP of USD145. XOM remains committed to its USD20bn annual share buyback programme through 2026.

Our revised TP of USD145 is based on 2.4x forward P/BV multiple, higher than peer average owing to high returns and growth at scale.

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=29410